Access to finance is regularly cited as the greatest obstacle preventing UK businesses from growing – according to a recent survey by ThinCats, 57% of small and medium sized businesses are suffering from restricted cash flow.
However, from our experience there are a number of independent lenders and challenger banks that are hungry to lend to small – medium businesses throughout the UK.
In order to improve your chances of a successful finance application it makes perfect sense to put your best foot forward and present your business in a positive light.
Some lenders are able to sanction a loan based purely on information available at Companies House, however if you are looking for a positive response you should be prepared to present:
- Full Accounts
- Up To Date Management Accounts
- Bank Statements
- Directors Details
Having all of this information readily available is beneficial not only to show funders why you are safe to lend to, but also so you know where you currently stand as a business and whether taking on debt finance is the right option for you.
A good accountant will help you prepare this information on a regular basis and with the rise of online accountancy packages such as Xero, it is easy to have real time management accounts at your fingertips.
If you need finance to move your business forward, please contact us at toby@startpointfinance.co.uk and we will explain your options.